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The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Palestine Mortgage & Housing Corporation Company ( PMHC). PEX disclosure rules give all PEX listed companies 45 days to report their preliminary annual financial statements as reviewed by the company’s internal auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.
PMHC is the fifth listed company, to disclose its year-end preliminary financial statements for the year 2012.
The disclosed information includes:
1) A copy of the year-end financial statements. The disclosed information includes: The Balance Sheet, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, and the Statement of Cash Flows and , and notes to the interim financial statements ( 1 note).
2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it includes: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication of the annual report, the distribution plan for the annual report. In addition to a summary of preliminary results for the year 2012 compared with the audited results of 2011.
3) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services Sector.
4) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.
According to company data for year-end preliminary financial statements for year 2012, net profit before taxes reached 599,908 USD, compared with a net profit before taxes of 450,733 USD in the audited data for 2011, a net increase of 33.1%. Total assets of the company reached 37,530,033 USD as of December 31st, 2012, compared to total assets of 37,125,997 USD as of December 31st, 2011, a net increase of 1.1%. Total liabilities of the company reached 16,057,190 USD as of December 31st, 2012, compared to total liabilities of 16,119,882 USD as of December 31st, 2011, a net decrease of 0.4%. Net ownership equity of the company reached 21,472,843 USD as of December 31st, 2012, compared with a net ownership equity of 21,006,115 USD as of December 31st, 2011, a net increase of 2.2%.